Today (28th September 2020), the Welsh Government has announced a £140 million scheme to support businesses in dealing with the economic consequences of Covid-19 and the UK's forthcoming exit from the EU.
Of this funding, £80 million is being made available to help businesses make the transition to the "economy of tomorrow". This funding will be open to businesses of various sizes from micro to SME's and large businesses. Micro businesses can apply for funding up to £10,000 providing they match the offer with their own investment of at least 10%. Small businesses can apply for up to £150,000, again being required to match fund of at least 10%, while medium size businesses will also have the same maximum limit but will need to invest at least 20% of their own money. Meanwhile, large businesses will be able to apply for £200,000 but on the condition that this is matched with 50% of their own funding.
Within the £80 million a quarter is being ring fenced for tourism and hospitality businesses as this sectors are facing particular challenges in the current climate. A further £60 million is to support businesses being affected by local lockdown restrictions. The remainder of the funding will be allocated on a flexible basis, such as increased lending to welsh businesses through development bank of Wales initiatives or to assist firms with the consequences of the UK leaving the EU.
This new funding has been designed to compliment that being offered by the UK government.
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